Current Affairs – February, 2018

Latest Current Affairs February, 2018 with Current Affairs, news summary on current events of National and International importance of February, 2018 for Banking, SSC, CLAT, UPSC, State PCS, IBPS, Railways and other Competitive Examinations.

PDF Compilation of these updates can be downloaded from This Link

N Gopalaswami Committee to select top 20 educational institutes of eminence

Government  has constituted Empowered Expert Committee (EEC) to select 20 Institutions of Eminence from among 104 institutions (public or private) that have applied for the status.

The committee will be headed by former Chief Election Commissioner (CEC) N Gopalaswami. Its other members are Professor Tarun Khanna, director of South Asia Institute at Harvard University, Renu Khator, president of University of Houston and former director of IIM Lucknow, Pritam Singh.

Institutions of Eminence

The scheme of Institutions of Eminence was rolled out by University Grants Commission (UGC). It aims to help 20 higher education (10 public and 10 private) institutions from country break into top 500 global rankings in 10 years, and then eventually break into top 100 over time.

These selected institutions are proposed to have greater autonomy compared to other higher education institutions. They will be free to decide their fee for domestic and foreign students and have flexible course duration and structure.

They will be exempted from approvals of government or UGC for academic collaborations with foreign institutions, except institutions in MEA and MHA’s list of negative countries.

Once identified, the target for Institutions of Eminence will be to break into top 100 bracket in one internationally reputed ranking framework in 10 years. The 10 government institutions selected will also get Rs 1,000 crore each from HRD Ministry to achieve world-class status. There will be no financial assistance to the private institutions.

Only higher education institutions, currently placed in the top 500 of global rankings or top 50 of National Institutional Ranking Framework (NIRF), are eligible to apply for eminence tag. The private Institutions of Eminence can also come up as greenfield ventures provided sponsoring organisation submits convincing perspective plan for 15 years.

Month: Categories: India Current Affairs 2018

Tags:

RBI constitutes YH Malegam committee to monitor bad loans, rising cases of frauds, audits

Reserve Bank of India (RBI) has constituted an expert committee to look into the entire gamut of issues relating to classification of bad loans, effectiveness of audits and rising incidents of frauds. The committee will be headed by Y H Malegam, a former member of Central Board of Directors of RBI.

Terms of References

The committ will look into reasons for high divergence observed in asset classification and provisioning by banks vis-à-vis RBI’s supervisory assessment. It will suggest steps needed to prevent it, factors leading to increasing incidence of frauds in banks and measures (including IT interventions) needed to curb and prevent it. It will also look into role and effectiveness of various types of audits conducted in banks in mitigating the incidence of such divergence and frauds.

Background

The committee was set up in wake up of Rs 11,400 crore SWIFT (Society for Worldwide Interbank Financial Telecommunication)-related fraud in Punjab National Bank (PNB) and RBI’s drive  of strengthening supervisory framework in the country to avoid frauds. Government also had asked RBI whether it has at any stage detected fraud, involving letter of undertaking (LoUs) issued to foreign branches of Indian banks on behalf of companies promoted by Nirav Modi and Mehul Choksi.

Month: Categories: Banking Current Affairs 2018

Tags:

Advertisement